Goldman Sachs Asset Management has raised more than $4 billion for a secondaries fund, according to a person familiar with the matter

Goldman Sachs Asset Management has collected more than $4 billion for a fund to purchase secondhand stakes in private-equity funds, according to a person familiar with the matter.

The fund management arm of the U.S. bank is raising the capital for a so-called secondaries fund at a time when many institutional investors are being drawn to the steady performance of these investment vehicles compared with more traditional buyout funds. GSAM declined to comment.